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- Worst. Crypto. Event. Ever.
Worst. Crypto. Event. Ever.
The craziest crypto conference ever and the SEC loses big. Again.
Jonathan Morgan
July 12, 2024
OVERVIEW
Worst. Crypto. Event. Ever.
Don’t let the green on the screen fool you: Bitcoin is still below the 200-day EMA, a bunch of altcoins are getting rejected against their 20-day EMA, and all of that is happening before we go into the weekend. Ug.😭
In today’s Litepaper, we’re looking at what is perhaps the worst and strangest crypto event ever.
Also on deck: another big loss for the SEC. 📰
Before we dive in, here’s today’s crypto market heatmap:
And here’s a look at crypto’s total and altcoin market cap YTD:
NEWS
Well, That Event Sounded Like It Sucked 🤕
The EthCC conference in Brussels wrapped up, leaving behind a trail of chaos and mayhem. And from Protos’ reporting to the posts on X, EthCC sounded like one massive, dangerous, hilarious, and crazy event. 🤯
The five-day $ETH event kicked off last Sunday but by Monday, the event took a sharp turn into the twilight zone.
Robberies? At a Crypto Conference? Shocking 😱
Reports of robberies and attacks started trickling in. One poor soul on X shared that he got robbed:
Another had his passport swiped.
Another attendee posted about having to punch someone who was trying to rob him:
Even Three Arrows Capital co-founder and one of crypto’s biggest douche canoes, Su Zhu, felt the need to pen a wall of text on Brussels crime, proving once again he's an expert in losing more than just money.
Zhu said he and his friends saw several robbery and pickpocketing incidents along with:
Airport Scam: A drink was spilled, and while offering tissues, the accomplice stole the luggage.
Street Theft: A simple grab-and-go of a backpack and luggage in broad daylight.
Car Break-In: A sports car window was broken, and a luxury bag was stolen.
But love was in the air, too. 💘
Two crypto enthusiasts, one dressed as a bear, got hitched on a rooftop.
The wedding cake even had the charming message, “Dump on retails, but never dump each other.”
Running parallel to EthCC, Aptos Labs tried to host a conference but failed miserably. One brave soul was there:
Two things we can learn from this: like brussels sprouts, Brussels sucks, and EthCC is something I never want to go to. 🎭
A MODERN INVESTOR CONFERENCE
Unlock The Latest Trends In Investing & Alternative Data 🔓
Stocktoberfest is back with an intimate event for executives, influencers, and the most active investors in financial markets. 🤝
Network with industry thought leaders like Howard Lindzon, Michael Batnick, Brian Shannon, Michael Parekh, and many more during the 2-day palooza.
Space is going quickly so grab your seat now, and we'll see you in beautiful Coronado, CA! 😎
NEWS
SEC Waves the White Flag: Ends Probe into Stacks and Hiro 🏢
The SEC finally decided to stop wasting time and money on a three-year-long investigation into Hiro Systems, previously Blockstack. These guys raised a cool $70 million through token sales from 2017 to 2019, and now they’re off the SEC’s hook. 🥳
The official word from the SEC’s enforcement division read like this: "We do not intend to recommend an enforcement action against Hiro Systems PBC, formerly Blockstack PBC."
They did throw in their typical legal mumbo-jumbo about not exonerating anyone, just in case they want to make a dramatic comeback later. 🙄
For those not in the know, Hiro builds tools for developers on Stacks ($STX), a layer-2 blockchain that plays nice with $BTC. Stacks is Muneeb Ali’s brainchild—he’s a big shot in the crypto world, now running Trust Machines and sitting on Hiro’s board. 🛠️
After the news broke, Ali took to X to clarify that the SEC wasn’t just sniffing around Hiro but the entire Stacks protocol.
Looks like the SEC's batting average just took another hit. ⚾️
STOCKTWITS “TRENDS WITH FRIENDS”
The European Union (EU) Takes On Big Tech ⚔️
Stocktwits co-founder Howard Lindzon chops it up with pals JC Parets and Phil Pearlman every Thursday on "Trends With Friends."
This week, they’re joined by technology expert and investor Michael Parekh and the co-founder, chairman, and chief investment officer of Ritholtz Wealth Management, Barry Ritholtz. They discuss what scares them most as the market hits all-time highs, AI’s data ownership issues, and European regulators’ ongoing battle against U.S. tech giants.
NEWS
Crypto News In Three Sentences 📰
👮 BitMEX Dismisses DOJ’s Guilty Plea To AML Violations As 'Old News'
BitMEX rebutted the DOJ's recent charges of AML violations, labeling them as rehashed issues from 2020. The exchange highlighted its compliance improvements and dismissed the need for further penalties. BitMEX hopes to expedite the case resolution to move forward. DailyCoin has more.
📊 Crypto Craze: Republicans Eye Digital Currency Impact On 2024 Elections
A Paradigm poll shows nearly 30% of Republican voters have invested in cryptocurrencies, reflecting the GOP's growing focus on financial independence. Former President Trump's pro-crypto stance has boosted his appeal among hesitant voters. The Republican Party views crypto as a key issue for the 2024 elections. More from Bitcoinist.
🛑 US Congress Urges Nigeria To Release Binance Exec
The US House of Representatives introduced a resolution demanding Nigeria release Tigran Gambaryan, detained since February. The resolution highlights Gambaryan’s federal service and his role in recovering illicit funds. Congress claims Nigeria is holding him to extort Binance and calls for immediate action. From CryptoSlate.
📱 Coinbase To Launch 'One-Stop' App for Managing Crypto, NFTs, And DeFi
Coinbase ($COIN) announced a new web app that will let users manage their entire crypto portfolio, including tokens, NFTs, and DeFi positions. The app aims to streamline user experience and support trading across multiple blockchains. Coinbase continues to push for better regulation and enhance security measures. Full story at CryptoNews.
🐋 Whale Withdraws Uniswap (UNI) And Aave Tokens From Kraken
A crypto whale spent $4 million on Uniswap ($UNI) and Aave ($AAVE) tokens, withdrawing them from Kraken, according to Lookonchain. The whale now holds $12.1 million in Aave and $11.6 million in UNI. Elwood Technologies also moved nearly 18,000 ETH to Binance, while another whale transferred 809 BTC. TheDailyHodl has more.
🪙 Ethereum ICO Project Golem Starts Staking Over $120 Million In ETH
Golem ($GNT) moved 40,000 $ETH to staking, becoming a validator on Ethereum's network to secure yield. The project plans to use staking rewards for development and operational activities. Ethereum has seen a surge in staked ETH, now at an all-time high of 47.38 million ETH. From CryptoGlobe.
📈 Is A Bitcoin Breakout Looming? Options Markets Signal Imminent Volatility Surge
QCP Capital's analysis suggests a potential bullish rally for $BTC, driven by a rise in front-end volatility. Traders are preparing for larger price swings, with risk reversals favoring topside volatility. Long-term BTC holders remain confident despite market fluctuations. NewsBTC has more.
🏦 SEC Greenlights Banks to Exclude Crypto Assets From Balance Sheets, With Conditions
The SEC now allows some banks to exclude customer crypto holdings from balance sheets if they meet certain safeguards. This change follows negotiations and aims to encourage banks to offer crypto services. The decision comes after a failed attempt to overturn SAB 121 in Congress. Full story from CryptoBriefing.
🚫 US Senators Strike Deal To Ban Lawmaker Stock Trading
A bipartisan group of 20 senators proposed legislation to ban Congress members from trading stocks. The amendment would extend to the President, Vice President, and their families starting in 2027. The move seeks to restore public trust and prevent conflicts of interest. Full story at Cointelegraph.
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